Transition of power
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President Trump has chosen Frank Bisignano, a banking executive with experience at top Wall Street banks, to head the Social Security Administration. Bisignano has a track record of making political donations, mostly to Republican candidates.
Written by Minho Kim
Updating from the capital
Stay updated on the most recent updates regarding Trump’s transition process and selections for his staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who serves as chairman at Fiserv, a major payment processing company, as his pick for the commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 staff members.
The president-elect announced on social media that Frank, who has a proven history of successfully changing big companies, will be tasked with fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly respected position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he worked there for nearly five years before moving on to other prominent Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of the rare few who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at First Data Corporation, which later combined with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly favoring Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $15,000 to Chris Christie’s presidential campaign. Christie, a Republican and former governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family without revealing the specific position he was being appointed to. An hour later, the president clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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